Will Ukraine bankrupt the EU? Kyiv could devour €190 billion in EU funds if granted membership

 

Up to 17 percent of the European Union’s common budget would flow directly to Ukraine if Ukraine were to become a member of the EU, according to a report published by the German Economic Institute on Monday, Dec. 11. 

 

The astounding budget figure comes at a time when the EU is exerting pressure on Hungary to allow the EU to begin the ascension process for Ukraine.

 

Under the EU’s current seven-year budget, this 17 percent would amount to €190 billion: around €70-90 billion from the Common Agricultural Policy (CAP) and a further €50-70 billion from cohesion funds to support Ukraine’s ailing economy.

 

The authors of the report write that if Ukraine joins the EU in the next few years, it will have a number of “consequences.”

 

“Last but not least, such accession will have an impact on the EU budget. As a populous, not very wealthy and agricultural country, it is foreseeable that Ukraine would be entitled to extensive financial resources from the EU budget. Despite the great uncertainty that currently still exists regarding Ukraine’s accession, for example with regard to the exact formal design or the timescale, a quantitative assessment of the costs is important for the further debate,” according to the study.

 

 

 

Source: Remix News